Aurelia Butler

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    in Economy

    EU regulators propose shake-up of sustainable investment labels

    LONDON (Reuters) – European Union regulators proposed sweeping changes on Tuesday to the bloc’s rules on labelling sustainable investments, to give investors simpler and clearer information and to stop “greenwashing” risks.The proposals include marking financial products that are not yet sustainable as ‘transition’ products and introducing a sustainability indicator that would grade investment funds.The EU’s executive European Commission is reviewing rules for asset managers, known as the sustainable finance disclosure regulation or SFDR, to curb greenwashing which refers to exaggerated climate-friendly claims.”The simplifications consist of two voluntary product categories, ‘sustainable’ and ‘transition’, that financial market participants should use to ensure consumers understand the purpose of the products,” the bloc’s markets, banking and insurance watchdogs, ESMA, EBA and EIOPA, said in a joint ‘opinion’ for the Commission’s consultation.This would allow ‘transition’ investment in assets that aim to become sustainable over time.”The rules for the categories should have a clear objective and criteria to reduce greenwashing risks.”The watchdogs said the current rules may be complex and difficult to understand, and recommended that the Commission consider the introduction of a sustainability indicator that would grade financial products such as investment funds, life insurance and pension products.The proposed changes would “address the greenwashing problems arising from the misuse” of so-called Articles 8 and 9 disclosures under SFDR, the watchdogs said.Article 8 refers broadly to a fund that has environmental characteristics, while the higher Article 9 refers more directly to sustainability.As EU watchdogs began to crack down on greenwashing, asset managers jumped to downgrade some funds to Article 8 from Article 9.Introducing the new categories of products that have sustainability features would replace the current practice of categorisation in Article 8 and 9, the watchdogs said. More

  • 88 Shares149 Views

    in Cryptocurrency

    Bluefin: Building the Future of Decentralized Trading

    Bluefin, a new financial ecosystem, is on a mission to create the on-chain equivalent of the most well-known centralized exchanges, i.e. Binance, leveraging decentralized technology to offer a revolutionary approach to interacting with financial markets. Currently, Bluefin provides a cutting-edge, user-friendly platform for derivatives trading, making professional financial tools accessible to everyone, regardless of their crypto expertise.What is Bluefin?Bluefin provides a decentralized derivatives exchange (DEX) designed to offer secure, efficient, and transparent trading without intermediaries. The platform leverages blockchain technology to ensure near-instant settlement and reliable order execution, making it an ideal platform for both beginners and seasoned traders.Bluefin’s goal when it started building was the same as it is today: to become the most complete hub for finance on-chain. It began by tackling one of the most challenging problems: building a perpetuals exchange onchain. It has been an exciting niche to develop.This was always just the beginning.The future Bluefin is building is much grander. It’s accelerating the adoption of decentralized finance by bringing a sustainable, powerful, and user-friendly exchange to the market.Bluefin’s Mission: Democratizing FinanceBluefin aims to build the most powerful and accessible network of financial applications in decentralized finance. By creating a comprehensive ecosystem of user-friendly tools and services, Bluefin strives to revolutionize the way individuals interact with DeFi, making it simple and accessible for anyone to participate in this transformative financial landscape. By providing a user-friendly interface and intuitive tools, Bluefin removes the complexity and intimidation often associated with DeFi, making it accessible to individuals from all walks of life. The platform’s mission is to break down the barriers that have traditionally prevented everyday people from exploring and benefiting from the exciting opportunities offered by decentralized financial markets.The Team Behind BluefinBluefin’s journey has been marked by resilience and innovation, weathering multiple market cycles since its inception three years ago. Despite the challenges faced by the industry, the team has consistently pushed forward, demonstrating that Bluefin is here to stay. Backed by leading investors like Polychain, SIG, and Brevan Howard, and led by Co-Founders Rabeel Jawaid, Zabi Mohebzada, Yameen Malik, and Ahmad Jawaid, Bluefin boasts a robust foundation that has enabled the company to navigate the ever-changing landscape of DeFi with a global team reflecting the far-reaching nature of its vision.To achieve its ambitious goals, Bluefin thinks big—both internally and externally. The company only hires A+ players. The leadership team and its newest members exemplify this high standard:Prior to Bluefin, Rabeel worked in research, where he spent three years building Solid Oxide Fuel Cells for MW-scale systems. He graduated from the University of Pennsylvania with a dual Bachelor’s degree in Physics and Electrical Engineering and a Master’s Degree in Systems Engineering.Meet Patel, who heads Business Operations at Bluefin, started his career at Facebook (NASDAQ:META) as a Product Specialist. He received his Bachelor’s degree in Economics from Harvard University, where he also completed his MBA prior to joining Bluefin.Earlier this year, Bluefin welcomed Aman Kapoor to lead strategy. He was previously a Senior Associate at Pacific Lake, a venture capital and private equity firm. At Pacific Lake, he worked with portfolio company CEOs to help them scale their businesses. Aman graduated from the University of Pennsylvania with a degree in Computer Science and was a Penn Named Scholar.Most recently, Bluefin welcomed its newest members of the engineering team: Joseph, who was previously a director of trading systems at the NYSE, and Andrew, who was previously an Engineering Manager at Squarespace.All investors, partners, contributors, and community members in the Bluefin ecosystem share the same standard of integrity and excellence. Bluefin’s Core Offering: Decentralized Derivatives TradingBluefin’s primary product is its decentralized derivatives trading platform, which leverages the power of Web3 and blockchain technology. Bluefin has processed $28 billion in volume with its beta version, and the next version, expected in October, aims to be the most powerful derivatives exchange in decentralized finance in terms of performance and security.Bluefin’s trusted relationships with global financial institutions enable it to offer deep liquidity, translating to a fundamentally better user experience. The platform features key market makers from the industry’s leading names to ensure the trading experience on Bluefin rivals any other exchange on the market. Investors in Bluefin include leading trading firms such as SIG, Brevan Howard, and Tower Research.Additional OfferingsBluefin is committed to leveraging the most advanced and user-friendly technology in the blockchain space. Our partnership with Mysten Labs, a team that originated at Facebook and helped build the Sui blockchain, is driven by a shared vision of prioritizing performance and user experience.By building on Sui’s fast, scalable, and user-friendly blockchain, Bluefin offers a seamless trading experience with lower fees, faster transactions, and enhanced security. Wallet abstraction allows users to connect their Google (NASDAQ:GOOGL) accounts and start trading instantly, eliminating the need for private key management and simplifying the onboarding process without sacrificing security. This feature also unlocks mobile trading, as users no longer need to manage wallets on mobile devices.Bluefin boasts a range of cutting-edge features, including:The Role of Sui in Shaping the Future of FinanceSui’s architecture is built to empower decentralized applications (dApps) by processing transactions swiftly and securely. As Sui continues to evolve and drive innovation in the DeFi space, it is poised to play a key role in shaping the future of finance. Its combination of speed, scalability, and user-friendliness makes it an ideal platform for a wide range of financial applications, including decentralized exchanges like Bluefin.By leveraging Sui’s cutting-edge technology, Bluefin delivers a seamless trading experience that exemplifies the future of decentralized finance. Bluefin’s integration of Sui’s innovative features and its active contribution to the development and expansion of the Sui ecosystem demonstrates a strong commitment to advancing DeFi. Through this collaboration, Bluefin positions itself as a key player in fostering growth, driving adoption, and reshaping the way investors and traders engage with the ever-changing world of blockchain and decentralized finance.Bluefin’s Vision for the FutureBluefin envisions a future where Web2 and Web3 seamlessly integrate, creating a more robust and user-friendly financial ecosystem. The platform focuses on enhancing user experience, ensuring that even non-crypto natives can easily navigate and benefit from decentralized finance.Bluefin is set to launch an exciting new tokenomics model along with an airdrop, aimed at rewarding users and fostering a vibrant community. This initiative will further enhance the platform’s functionality, user engagement, and community growth.Exploring Bluefin’s: Transforming the Landscape of Decentralized FinanceBluefin is at the forefront of the decentralized finance revolution, and now is the perfect time to get involved. To learn more or become part of this transformative journey, users can visit https://bluefin.io/ or follow on X: @bluefinapp Bluefin is not just a trading platform; it’s a gateway to the future of finance. By democratizing access to professional financial tools and leveraging the power of Web3, Bluefin is paving the way for a more inclusive and efficient financial ecosystem.ContactSenior Account DirectorDillon AraceM Group Strategic [email protected] article was originally published on Chainwire More

  • 113 Shares119 Views

    in Economy

    Brazil’s Lula criticizes central bank ahead of rate-setting meeting

    In an interview with local radio station CBN, Lula argued that the central bank’s behavior is the only “thing out of place” in Brazil at the moment.The central bank will meet on Tuesday and Wednesday when it is widely expected to pause its easing cycle amid increased volatility in domestic financial markets and unanchored inflation expectations.Policymakers cut the benchmark Selic interest rate in May by 25 basis points following six cuts of twice that size. Lula, who is set to choose the next chief of the central bank later this year, said he plans to appoint someone who does not give in to market pressure and who will conduct monetary policy considering that Brazil needs to control inflation but also have a commitment to growth. More

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    in Cryptocurrency

    Bitcoin’s waning volatility marks maturity amid macroeconomic updates

    In the short term, however, Bitcoin underwent fluctuations last week amid macroeconomic updates in the US, with prices swinging from $66,000 on Wednesday morning to nearly $70,000 later that day. By the end of the week, the flagship coin settled back to just above $66,600, as per the Kaiko BTC Benchmark Reference Rate. Overall, Bitcoin dipped by just over 4% last week, with selling outpacing buying on nearly all exchanges.“The net cumulative volume delta (CVD) for top BTC trading pairs reached $518mn between June 10- 14, with Binance and Bybit witnessing the most selling activity,” Kaiko analyst wrote.Despite the rollercoaster ride driven by macro news, Bitcoin has already shown signs of maturation in 2024. Specifically, the research notes that Bitcoin’s 60-day historical volatility has remained below 50% since the beginning of 2023. This contrasts sharply with the massive fluctuations of 2022, when volatility exceeded 100%. Bitcoin’s volatility hit an all-time low of 40%, far lower than the peaks of over 106% seen in 2021 when it reached record highs. Even the launch of spot Bitcoin ETFs in the US was relatively muted on the volatility front. While it’s too early to declare this the new norm, changes to Bitcoin’s market structure over the past year may help explain the relatively ‘boring’ price action.“The US market close now commands a higher share of trading volumes, as BTC liquidity becomes more concentrated around the East coast trading window,” the report noted. Therefore, Bitcoin ETF demand trends should not be ignored when analyzing price movements. The reversal of inflows in US Bitcoin ETFs last week likely contributed to some of the selling pressure, as did macroeconomic news. As with all emerging asset classes, cryptocurrency is more likely to experience higher volatility due to new capital flows.Kaiko concluded that Blackrock has overtaken Grayscale’s Grayscale Bitcoin Trust (NYSE:GBTC) in terms of assets under management. The $10 trillion asset manager now holds the title of the world’s largest spot Bitcoin ETF, surpassing the crypto-native incumbent. More

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    in Cryptocurrency

    ‘Buy the Dip’: Crucial Crypto Market Metric Shows Unexpected Bullishness

    The most recent price movement of Bitcoin indicates that it is testing important support levels at approximately $65,000. Significant support lines are being provided by the 50-day EMA and the 200-day EMA, and a hold above these levels may signal stabilization. There is a chance that investors can take advantage of the current dip to add more Bitcoin because this consolidation phase frequently precedes potential recoveries.More information can be obtained by examining funding rates on different exchanges. Positive funding rates exist for popular cryptocurrencies like Ethereum and Solana, which traders are prepared to pay a premium for in order to hold onto their long positions.When it is positive, this measure becomes a key gauge of market sentiment and frequently suggests an upcoming bullish reversal. Furthermore, a significant number of long positions — 407. 91 million over the course of the last day — are being liquidated, according to the liquidation heatmap.Although this may appear unfavorable, at first, it frequently hints at a market reset in which excess leverage is eliminated to make room for a more steady upward trend, given that there is potential for upward movement without the possibility of sudden overbought conditions. For now, the RSI for Bitcoin is circling the neutral zone. In spite of the recent market decline, this and the positive funding rates suggest that there may be room for optimism. However, it would have been better for the asset if the RSI were around the reversal zone.This article was originally published on U.Today More

  • 88 Shares189 Views

    in Economy

    How to understand central bank QE losses

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    ECB to cut rates in Sept and Dec, risks skewed towards fewer cuts – Reuters poll

    BENGALURU (Reuters) – The European Central Bank will cut its deposit rate twice more this year, in September and December, according to a significant majority of economists polled by Reuters who said the risks were skewed towards fewer rate cuts than expected.That outlook was broadly unchanged from a survey conducted before the ECB delivered its widely telegraphed 25 basis point rate cut on June 6. Improving business activity, strong wage data and still-sticky price pressures have increased uncertainties around the rationale for more cuts.In an interview with Reuters on Monday, ECB Chief Economist Philip Lane said there was no “acute urgency” to lower interest rates if the economy continues to expand.Still, a strong near-80% majority in the June 12-18 Reuters poll, 64 of 81, expected the ECB to cut twice more this year, in September and December, taking the deposit rate to 3.25%. That was up from nearly two-thirds in May and just about half in an April survey. While 11 expected just one more reduction this year, six predicted three additional cuts.ECB President Christine Lagarde repeated at the June press conference that the bank will “continue” to depend on economic data to guide policy decisions, despite the ECB having done everything but formally pre-announce the June cut well in advance.”Strictly speaking, the ECB’s approach is not data-dependent in the sense that only the incoming data matter… We continue to expect further ECB rate cuts in September and December,” said Greg Fuzesi, euro area economist at JPMorgan.”Given the pick-up in GDP growth, there was room to wait for more data to clarify key aspects of the forecast. It is unclear if the same argument will be used again to justify another cut in September, i.e., that rates would still be restrictive even after a second cut.”Financial markets, which until recently were priced for one more cut this year, have started pricing in two reductions just in the past few days, in part related to turmoil in French bond markets following President Emmanuel Macron’s decision to call snap parliamentary elections starting later this month. Inflation, which rose to 2.6% last month from 2.4% in April, will not reach the ECB’s 2% target until Q2 2025, according to poll medians, a bit more optimistic than the latest ECB projections showing inflation above 2% until at least 2026.Also, fewer rate cuts from the U.S. Federal Reserve, currently expected to deliver at most two or possibly just one reduction this year, could lead the euro, down nearly 3% for the year against the U.S. dollar, to weaken further. That could lead to unwanted imported inflation. A near-90% majority of economists, 36 of 41, said risks were more skewed towards fewer ECB rate cuts this year than more.”We have two cuts (this year), but it could turn out to be only one… If there’s a strong reason for the Fed not to cut rates, then maybe that also can have a bearing on the policy space the ECB has,” said Elwin de Groot, head of macro strategy at Rabobank.Meanwhile, the euro zone economy, which grew 0.3% last quarter, will average 0.7% expansion this year and 1.4% next year, broadly unchanged from the last poll.(For other stories from the Reuters global economic poll:) More

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    in Economy

    China securities regulator vows to strengthen oversight, resolve risks

    The China Securities Regulatory Commission (CSRC) said in a statement it will maintain a “zero-tolerance” stance on illegal activities in the capital market.”Preventing and defusing financial risks, especially preventing systemic financial risks, is the fundamental task of financial work,” the CSRC said in a statement.The comments came a day before the Lujiazui Forum in Shanghai, a top financial forum where officials of the CSRC, including Chairman Wu Qing, will deliver speeches on capital market policies.Chinese authorities are stepping up efforts to revive investor confidence in the world’s second-biggest stock market. The blue-chip index has rebounded from five-year lows hit in February but is still struggling to get back on its feet, weighed down by the sputtering economy and geopolitical tensions.Data on Monday showed China’s May industrial output lagged expectations as a prolonged property crisis weighed on investment and activity, putting more pressure on Beijing to ramp up policy support to shore up growth. But retail sales beat forecasts thanks to a holiday boost.The CSRC said it will step up monitoring of trading behaviour by key investors and prevent abnormal stock market volatility, adding it will improve regulation of quant trading and strengthen supervision over high-frequency trading.The regulator also said it will strengthen the scrutiny of company listings and delistings. More